Episode 45

Tax changes, government programs, and financial tips for aesthetic owner

by Business of Aesthetics | August 12, 2021

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All the things you need to know about finances as we discuss how to get tax advantage, the right financial plan for your future, government programs, the right financial decisions and ins and outs of the finances for the aesthetics owner.

  • 02:05 About OJM group & the Background of Carol Foos

Carol Foos, a CPA, has spent about the first 20 years of her career in public accounting in the field of tax. She worked for what’s now “Big Four” when she graduated from college and for a few local, regional firms in Cincinnati, where she lives now. Currently, she works for OJM Group, and her role there is clients’ tax planning, corporate structure advice, working with clients’ CPAs, look at practice or an individual’s financial situation & to get them additional ways to save taxes & planning for retirement to get themselves in a better position.

Key highlights

  • 04:09 Why do practice owners need to get the help of a financial professional
  • 05:23 Perspective on cash flow 
  • 09:50 Tax advice, Best tax shelters, Saving as much as possible on tax
    • 14:37 Right way to invest in real estates
  • 17:51 Government programs available for medical facilities
    • 18:41 PPP loans & forgiveness application
    • 19:30 Employee Retention Credit
    • 21:49 SBA Loans
  • 23:06 Proposed taxes for practice owners
    • C Corporation taxation 
    • S Corporation taxation 
  • 30:29 Am I getting proactive advice from my accountant?

Get in touch with Carol Foos: carole@ojmgroup.com

Visit OJM Group: www.ojmgroup.com

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Get free books written on finances for medical professionals from www.ojmgroup.com
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Jeffrey Richmond

Host Jeffrey Richmond Jeffrey Richmond is an award-winning expert in the aesthetic industry, specializing in cutting-edge research, light-based and laser dermatological therapies, and radiofrequency technologies for dermatology and cosmetic surgery practices. Over the past 19 years, Jeff has brought the best-in-class technologies from West Coast Laser to physicians throughout the northwestern United States, generating over $50 million in sales.

Patient and physician safety is at the forefront of Jeff’s work, and he actively helps physicians work with patients to develop and achieve realistic expectations from their treatments.

Jeff is also a known educator in the industry, teaching courses on laser technologies, speaking at aesthetic training centers, and sharing his knowledge about the latest technologies with providers in the aesthetics field. In particular, he is interested in helping physicians make aesthetic medicine a success in their practices.

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Category: Business of Aesthetics Podcast
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